• Year Built: 1951
3601 Manslick Rd is amulti-family property for lease in Louisville, KY.
Opportunity to acquire an income producing multi-family asset with non-recourse financing (Freddie Mac 4.96%- 30 yr am, 10 yr balloon) in place as of 4/1/16. Currently 97% occupied, including an actual NOI with non-stabilized P&L currently at $120K, NOI in $150K range (pro-forma) from stabilized annualized first 3 months of 2016. Situated on a corner parcel of about 1 acre, this asset consists of 3 two story buildings, each containing 12 apartment units.
Assumable Financing Requirements: Credit and Background Check, Net worth equal to the loan amount of $1,005,000, Cash liquidity equal to 10 months of debt service, or $50k, 15%+ down payment, history of owning rentals of at least 36 units.
Gross Scheduled Income: $219,000
Vacancy Loss: $7,000
Gross Effective Income: $212,000
Debt Service: $64,440
Cash Flow: $87560
Cap Rate: 11.26%
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